Following an imposed fine on Everest Investment Management SA (see eventid=20336) in March 2023 and then a its request for a reconsideration (see eventid=20842) in May 2023, KNF has released a final decision.
To recall, on 24 March 2023, the company was fined a total of PLN 100,000 for:
1. failing to meet own funds requirements from December 10, 2021 to June 8, 2022 pursuant to articles 9 and 11 of the Investment Firms Regulations, a requirement that is of key importance for conducting business as an investment firm; and
2. failing to meet certain employment obligations from July 1, 2021 to May 16, 2022 and from July 1, 2021 to November 14, 2022 pursuant to articles 83 and 82a of the Act on Trading in Financial Instruments, respectively. The violation thereby concern a failure to employ „two investment advisors to manage portfolios consisting of one or more financial instruments“ and a failure to ensure an adequate level of professional competence by financial advisers.
The resolution confirms the violations and the total fine of PLN 100,000 is imposed.
Ostateczna decyzja ws. Everest Investment Management SA
ID
26274
Other Features
broker
companies
financial advisors
fund management
investment firms
own funds
penalties
professional competence
trading
Date Published: 2023-12-14
Regulatory Framework: Dz.U. 2005 Nr 185 poz. 1538
Regulatory Type: information
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